The 'We're saving for a deposit' thread

JAMIEDODGER

After binge reading this thread in just over a week, I think I'm going to join in:)

A bit about me, single full-time working mum of 44, to four kids from 13-21 years all still living at home :eek:

I already belong to the save 12k thread, and part of these savings are for a house deposit, so I thought I would like to post over here as well and be with like-minded company:)

House fund currently stands at £1239.40 :j and I am aiming to add around £625 to this each month starting next month. I also save heavily into a pension as I am quite far behind!

My target is around £45k plus £5k for fees so I expect to be saving for the next 6 years :eek: I am debt free so that helps, but will be trying to make extra money via cashback, ebay etc to make sure I hit the total each month.

Looking to buy in a low cost of living area in UK wherever that may end up being:)

Good luck all:D

datlex

I thought I would join this. I have been saving but not initially for a house deposit. I have always rented, but it has occurred to me that at age 44, if I take out a mortgage now I should have it paid off by retirement age. Currently I would need a pension high enough to pay my rent. Hence I have started a HTB it has its first £1200 in. On Thurs I will pay in £200 and again on 1st March and subsequent months until I put down a deposit. I am waiting on a PPI refund of just over £3200 to hit my account, bank refunding said would take 4 weeks to process once they had the bank account details to pay it into. Overall including the PPI money I will have just over £10000 in just over a month. Here houses are fairly cheap. (66K-110K depending on the street) I have been doing research and trying out different interest rates (in case of interest rate increase to see how high an increase I could afford again depending on what house). There's a 3 bedroom house being advertised in same road as I live for £70k whereas less than a mile away in same road as my partner a house is on market for £105K (house 2 doors down same number of bedrooms sold for £82K in July, however I know lady selling the current house spent a lot on modernising not sure though it would be worth an extra £20K).

Daybyday

Welcome datlex! You will be well on your way to a good deposit soon!

It has just hit me ( the day before pay day) that I'm going to have to be this skint for the next 12 months to get the deposit together. I know ... I know. It's only 12 months. It'll be worth it blah blah blah. Does anyone have any tips to keep me on the saving / living like I'm poor when I'm not bandwagon?

tara747

January payday update!

I saved £1,133 in January, taking my overall total to £122,866.

:beer:

Welcome to the newbies, great to have you on board

List_Maker

Just reached over the £5k mark!
Forwarding all the cashback and other extras I get to savings really makes a difference. Didn’t plan on making any saving payments in Jan due to Christmas, NY and a weeks beach holiday but still managed to put in over £200.
Aiming to have around £17k by the end of the year. Fingers crossed.

Daybyday

Well done Tara747! Very impressive. I wish I could put that much away each month!

Listmaker it feels good to break in to a new 1000 bracket! After pay day I'm now on 4400! �� can't wait for February pay day as hopefully I'll get to the 5k mark!

tara747

Daybyday wrote: »

Well done Tara747! Very impressive. I wish I could put that much away each month!

Daybyday wrote: »

It has just hit me ( the day before pay day) that I'm going to have to be this skint for the next 12 months to get the deposit together. I know ... I know. It's only 12 months. It'll be worth it blah blah blah. Does anyone have any tips to keep me on the saving / living like I'm poor when I'm not bandwagon?

Thanks for the kind words, Daybyday

Regarding your questions (above), I would suggest: try to change your mindset and you will change the way you think about saving. I'm curious about why you feel that saving means 'living like you're poor'? It's the opposite. Spending every penny you earn is what makes you poor. Debt is what makes you poor.

Google the following, have a read and let me know what you think:

Dave Ramsey
Mr Money Mustache
The Millionaire Next Door

WodaSodowa

Sorry guys, had very busy 2 weeks so didn't update. This week I started writing spreadsheets for my deposit- I know I should've done it sooner, I actually didn't realise that I enjoy having all my numbers on paper. As of today my deposit stands at 5720.56
I just talked to my OH this morning and he hopes that with all the changes we made in the business in couple of months time we should be able to get extra £200 every week. That would mean a really good jump in our savings but requires a lot of hard work and not a lot of free time to spend together with our kids

WodaSodowa

tara747 wrote: »

January payday update!

I saved £1,133 in January, taking my overall total to £122,866.

:beer:

Welcome to the newbies, great to have you on board

Hi! Your savings and persistence are really impressive tara:T

tara747 wrote: »

Thanks for the kind words, Daybyday

Regarding your questions (above), I would suggest: try to change your mindset and you will change the way you think about saving. I'm curious about why you feel that saving means 'living like you're poor'? It's the opposite. Spending every penny you earn is what makes you poor. Debt is what makes you poor.

Google the following, have a read and let me know what you think:

Dave Ramsey
Mr Money Mustache
The Millionaire Next Door

I listen to Dave Ramsey when in the car or cleaning the house and he really motivates me to not be stupid with money or as he calls it "have Phd in D.U.M.B." :rotfl:

datlex

Well, my PPI refund came into on Friday and has been added to savings, so I have to date: £8292 I am happy to use. Of the £8292, so far £1400 is in a HTB Isa, 1st of each month I am adding in £200. So on 1st March I will have the £1600 minimum to get the £400 minimum bonus. Obviously each month is a potential extra £50 in the pot. I also am putting money into a monthly saver account. I have £2250 in there at present, money is added each month on 26th. It will pay interest after the 12 months is up (end April). The interest is at 5% so should add an extra £81 to savings.
I would be looking at a 5% deposit and keeping the £3000 for emergencies. (part of my £8292 is in a Tesco account and earns 3% interest-which I use towards Christmas presents).
I've been playing around with spreadsheets, supposing various scenarios with my finances depending on mortgage payments to check affordability.
I went to see a property today that is on for £105,000. It is very nice and I know the lady has done a lot of work on it. It's the first property I have actually viewed but I am very tempted to put in an offer. Trying to work out what is a reasonable offer that gives me room to negotiate if necessary. I have AIPs in place. However I am not sure how realistic those are.